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Jun 30, 2021
LyondellBasell Q2 2021 Earnings Report
Reported record quarterly earnings driven by strong demand and tight market conditions.
Key Takeaways
LyondellBasell reported outstanding second-quarter results, demonstrating the company's strong position to benefit from the ongoing global economic recovery. The company achieved new benchmarks for profitability, driven by persistent consumer and industrial demand. Strong cash flow supported debt repayment and an increased quarterly dividend.
Record quarterly earnings driven by strong demand and tight market conditions
Net Income: $2.1 billion
EBITDA: $3.0 billion; Record quarterly EBITDA for the company and for each of the O&P segments
Increased quarterly dividend by 7.6 percent to $1.13 per share reflecting confidence in dividend sustainability through cycles
LyondellBasell
LyondellBasell
Forward Guidance
We expect demand for LyondellBasell's products and our associated financial results to remain stronger for the foreseeable future.
Positive Outlook
- The phased rollout of vaccines and the progression of societal reopening around the world should support robust global demand for our products in both the manufactured goods and service industries for several quarters to come.
- As our customers seek to address order backlogs, rebuild inventories and serve pent up consumer demand, we expect strong integrated polyethylene margins to continue.
- Increasing mobility during the second half of 2021 should drive higher demand for gasoline and jet fuel providing additional tailwinds by improving margins for our Oxyfuels & Related Products and Refining businesses.
- LyondellBasell is benefiting from a series of value driven growth investments coming to fruition in an exceptional market environment.
- Our investments in growth and sustainability should enable the company to continue establishing new benchmarks for profitability and provide a step change in the power of our cash generation.
Challenges Ahead
- We work to overcome the challenges of variants